Petrobras and Total on Monday signed a memorandum of understanding to cooperate on exploration and production, natural gas and electricity sector in Brazil.
Petrobras CEO’ Pedro Parente said that under the company’s new strategic plan, it is focusing on strategic partnerships in order to share risks, reduce investment requirements and develop technologies.
He also said that the two companies will evaluate which assets their partnership will cover and that the memorandum of understanding will remain in effect for two years, the statement by Petrobras reads.
Petrobras noted that the partnership could further be extended to the refining area.